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US STOCKS-Futures tread water amid earnings deluge, megacaps in focus
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US STOCKS-Futures tread water amid earnings deluge, megacaps in focus
Oct 29, 2024 4:22 PM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

Alphabet up ahead of earnings after the bell

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Ford falls, Pfizer ( PFE ) rises after earnings

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JOLTS job data on tap

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Futures: Dow down 0.19%, S&P 500 down 0.07%, Nasdaq up

0.01%

(Updated at 7:05 a.m. ET/1115 GMT)

By Lisa Pauline Mattackal

Oct 29 (Reuters) - U.S. stock index futures were steady

on Tuesday as investors assessed a host of corporate results,

with focus mainly on Google-parent Alphabet's earnings

expected later in the day for clues on the outlook for

technology megacaps.

"Magnificent Seven" member Alphabet's shares rose 0.4% in

premarket trading ahead of its results due after market close,

where it is expected to post its slowest revenue growth in four

quarters.

This week marks the busiest period for S&P 500 earnings,

with eyes on five of the "Magnificent Seven" group of stocks

that are reporting quarterly results.

The group's results will be crucial to determining whether

Wall Street can sustain the optimism around technology and

artificial intelligence that has lifted indexes to record highs

this year.

Still, there were plenty of premarket earnings for investors

to sift through. Drugmaker Pfizer rose 2% after hiking

its profit forecast, while Vans parent VF Corp ( VFC ) leapt

18.6% after the company reported a profit for the first time in

two quarters.

Meanwhile, Ford slumped 5.5% after the automaker said

it expects to hit the lower end of its annual profit forecast

after the bell on Monday, citing supplier disruptions and

warranty costs.

D.R. Horton ( DHI ) dropped 7.7% after the homebuilder

forecast 2025 revenue below estimates.

Other megacap stocks were mixed, with Nvidia ( NVDA )

dipping 0.4% and Meta Platforms ( META ) gaining 0.2%.

Also in focus was September's JOLTS job openings and October

consumer confidence data, due at 10 a.m. ET.

The JOLTS data will be scrutinized for signals on the

strength of the labor market ahead of Friday's nonfarm payrolls

report, as investors increasingly bet that the Federal Reserve

will not cut interest rates as much as initially thought given

the economy's robust performance.

The benchmark U.S. 10-year Treasury yield

breached the 4.3% level for the first time since early July -

adding another headwind for equities.

Dow E-minis were down 79 points, or 0.19%, S&P 500

E-minis were down 4 points, or 0.07%, and Nasdaq 100

E-minis were up 1.75 points, or 0.01%.

With earnings, geopolitical tensions in the Middle East, the

upcoming U.S. elections and a Fed meeting, investors are

anticipating a volatile few weeks.

"It wouldn't be a surprise to see further de-risking in the

short-term, and some turbulent trade for now, ahead of election

day next Tuesday," said Michael Brown, senior research

strategist at Pepperstone.

The VIX has risen above 20 from below 15 in

September.

Trump Media & Technology Group's ( DJT ) shares jumped 13%,

after surging to their highest since June on Monday as the White

House race enters its final stretch.

Of the 184 companies in the S&P 500 that have reported

third-quarter earnings so far, 78.8% have reported above analyst

expectations, fairly in line with average performance over the

past four quarters, according to LSEG data.

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